Maybank has appointed Siew Chan Cheong (pictured) as Group Chief Strategy Officer for Malaysia. He will assist and report to Maybank Group Chairman and Chief Executive Officer, Khairtussaleh Ramli, and work closely with the Board of Directors and the management team. In his current role, Cheong is responsible for broadening and deepening the digitization program and driving the industrialization and adoption of analytics across the group to achieve business goals.
Cheong will succeed Michael Foong who concurrently served as Group Chief Strategy Officer in addition to CEO of Maybank International. Foong will remain the CEO of Maybank International. Cheong has over 20 years of experience in formulating and implementing multi-country transformation strategies across various industries and organizations, including major banks in Europe and Asia.
As a former Senior Director of Strategy Consulting at Strategy& (formerly Booz & Company), Cheong worked with large UK and German banking clients during his assignments in London and Hong Kong to help those clients regain a growth after the 2008 global financial crisis.
After living abroad for more than 18 years, he returned to Southeast Asia in 2014 and focused on supporting ASEAN financial institutions in the areas of accelerating the growth of business, branch transformation, talent, digital banking, big data analytics and IT strategies.
Prior to Cheong joining Maybank, he worked as Group Strategy and Innovation Director at RHB Banking Group, where he was responsible for developing and driving the group’s strategic growth priorities and transformation. within the banking group. While there, Cheong was also a member of the group’s management team covering nine ASEAN countries, including Singapore, Indonesia, Thailand and Cambodia.
Khairtussaleh said Cheong’s breadth of knowledge, leadership skills and international experience make him the ideal candidate to lead the group’s medium to long-term strategic vision. “Cheong’s understanding of global trends and hands-on experience in responding to rapid digital change will enable him to drive compelling and connected thinking across the organization. This is critical as we pursue the bank’s digital aspirations, explore new revenue drivers and embrace strategic transformation initiatives to drive better performance,” he added.
Khairussaleh was appointed in May this year, succeeding Abdul Farid Alias after the latter said he would not seek renewal of his contract which expired on August 1. Furthermore, Maybank was recently named the strongest brand in Malaysia by Brand Finance. With a brand value of US$3.9 billion, Maybank has a brand strength index of 89.1 out of 100 and a corresponding AAA brand strength rating. The bank overtook PETRONAS (87.7 out of 100) in the 2022 Strengths Ranking in 2021 and Digi (79.2 out of 100).
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